While the Notice does not break new ground, FINRA explained that its recent reviews of communications have revealed compliance deficiencies in this area. In addition, some of the themes emphasized in the Notice reflect concerns expressed in recent FINRA disciplinary actions, as well as in FINRA’s 2013 Regulatory and Examination Priorities Letter. Private real estate funds that engage FINRA-registered placement agents should carefully consider these issues.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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